If the Bank is indicating the date and unique transaction amount separately for each of the FD in its TDS return filing statement, then 26AS will contain all required information readily for accounting. Professional Course, Online Excel Course This will have information of FD-wise interest payments and TDS information for the period of certificate along with Interest accrued if any and TDS thereon. Written by ... is whether tax is deductible in respect of the interest liability reflected in the annual accounts by way of interest accrued … Enter the same amount in the Credit column. Interest paid on loan taken from friend or relative When the actual interest payment is received, the entry is a debit to the cash account and a credit to … Credit. It is treated as an asset for the business. The below table summarizes the interest calculation, TDS and payout summary (all values rounded off upto 2 decimal places): Thus, on 22-Jul-2018, HDFC Bank will pay Interest on Mytree's FD of Rs 20,00,000/- which amounts to Rs 39,890.41; TDS @ 10% on that will be Rs 3,989.04 and net amount credited to Mytree's HDFC SB Account will be Rs 35,901.37. So, it important to know what quarterly payout of Interest and TDS is. The usual journal entry used to record this transaction is a debit to the interest receivable account and a credit to the interest income account. Professional Course, GST Annual Return The Bank is yet to file the TDS return for Jan-19 to Mar-19 and hence the TDS Certificate has not been received. Manjunath M Panchaxarimath  Journal Entry to book Outstanding Expenses: for the period from 22-Apr-2018 to 21-Jul-2018 I.e. Bank in this case, for every quarter of Interest payments and TDS. What is Interest Receivable? In Case 3 and 4, the term 'Interest Paid' means amounts paid by Bank by way of credit to account of FD holder & TDS remittances. But then, this document will be updated only after the end of quarter. The company earned the interest of $ 5,000 for the December month on bank deposit but the same was received on January 7th, 2019. In the interim budget 2019, this TDS deduction limit on FD has been increased to Rs. 2,50,000 (Rs. Click on Journal voucher from the left panel - Voucher Types. Generally the sum of TDS & advance income tax remains more than provision of income tax. 6. Pass necessary Journal entries for the issue of debentures and debenture interest for the year ended 31 st March 2018 assuming that interest is payable on 30 th September and 31 st March and the rate of T.D.S. Similarly, HDFC Bank will calculate Interest & TDS; and pay the net amount on 22-Oct-2018 and 22-Jan-2019. You've reached the end of your free preview. The author can also be reached at manjunath1907@gmail.com, Category Being interest income of Rs 40,328.77 on FD with HDFC Bank for the period from 22-Jul-2018 to 21-Oct-2018; received to HDFC Bank SB A/c Rs 36,295.89 after TDS of Rs 4,032.88 on Interest. Accrued Interest Income Journal Entry Explained. Learn TDS on Interest Entry in Tally ERP 9. Likewise, if the company doesn’t record the above journal entry in the June 30 adjusting entry, both income and assets will be understated by $150. Generally interest on fixed deposit will be received at the time of maturity. When interest is due and ignores the tax. for 91 days. SGST A/c Dr . Bank Statement: This is your Bank Passbook or statement provided by the Bank, where your Interest Payouts are credited. Click on Add. It is a method of generating a debit entry in the accounting system for an expenditure relating to, say, engineering, R&D, logistics, legal & professional charges or administrative expenses – based on their monthly budgeting process. As such, the certificate says Interest Paid Rs 1,23,572.61 which is the total of Interest Rs 1,20,547.95 on 3 different dates during the year along with TDS paid on interest accrued Rs 3,024.66. By this time, Mytree will have received two TDS certificates; one for period from Jul-18 to Sep-18 for Interest payment & TDS on 22-Jul-2018 and another for Oct-18 to Dec-18 for Interest payment & TDS on 22-Oct-2018. Anyways, if you have the 26AS (or TDS Certificate from Bank), you can know the exact transaction amount and then rectify the transaction in books of account later. I thank my experience & exposure to work for being able to put this knowledge into the form an article for easy reference and spreading to others in need. 7. For our example, the 26AS for FY 2018-2019 (Asst Year 2019-2020) would have the following Information as completely updated: For the year ending 31-Mar-19, the balance in Interest Accrued on Fixed Deposits will be Rs 27,221.92 (Debit – shown under Current Assets). Because, the amount credited is inclusive of Interest Accrued on FD Rs 27,221.92 along with Interest for this FY upto 21-Apr-19 after TDS. The interest payout date will be similar as before I.e. Multi-national enterprises (MNEs) do make monthly provision for various expenses in their ERP system at the end of each month. Being investment made in Fixed Deposit with HDFC Bank @ 8% p.a. Till now, our Interest (Income) on FD with HDFC Bank will be Rs 1,20,547.95, TDS (revenue with Govt Authorities-Current Asset) on the same will Rs 12,054.80. Manjunath M Panchaxarimath, You can also submit your article by sending to article@caclubindia.com, GST certification Thus, the business firm gets some interest on these fixed deposits. TDS Certificate: This certificate will be provided to you by the Deductor i.e. But we need to understand how Interest Accrued is calculated – whether it is inclusive of TDS or net of TDS. Accrual Interest in Accounting – Example. Professional Course, India's largest network for finance professionals, Accounting for Interest incomes, accrued and TDS on fixed deposits, All You Need to Know About UDIN (Unique Document Identification Number) by Chartered Accountants in Practice, Cancellation of registration under Rule 22 of the CGST Rules aligned with newly inserted sub-rule (2A) of Rule 21A, Equalisation Levy - Most Vital Concept in International Taxation, GST - Due Date Compliance Calendar for January 2021 and Recent Updates on The Portal, Role of Dividend Tax in Achieving the Essence of the Budget. But in HDFC SB account statement of Mytree, we find that there is a credit of Rs 35,506.85 on 22-Apr-19. TDS on Professional Charges – 194J . Enter the deposit amount[here Rs.1,00,000] in the Debit column. Notwithstanding the fact that salary is not paid, it must be recognised in the books of accounts in the same accounting cycle to which it relates. Please do comment regarding what you feel is really so clear and what is the scope for improvements. TDS on Professional Charges (194J) A/c Dr . Treatment of Interest Received from Bank in Final Accounts. This will have information of FD-wise interest payments and TDS information for the period of certificate along with Interest accrued if any and TDS thereon. The amount of accrued interest … Journal Entry in Tally.ERP9 is a different concept than what we have learned theoretically from our class rooms. Accrued expense Journal Entry is the journal entry passed to record the expenses which are incurred over one accounting period by the company but not paid actually in that accounting period where expense account will be debited and the accrued liabilities account will be credited. (TDS rate being @10%). I will be explaining for Fixed Deposit with terms of quarterly payout to account. TDS is deducted under section 194A only when payment is made to a resident, if such payment is made to non-resident then tax is to be deducted under section 195. 22-Apr-2019. Pass the journal entries for year 1. The basic documents which we generally get are: Income Tax 26AS statement: This statement has to be downloaded from TRACES website. So, the interest will be added to the fixed deposit account. Course Hero is not sponsored or endorsed by any college or university. It means passing entries in case our TDS Deducted We know that for Incomes,2 entries are passed When Bill Issued Party Dr To Income When Amount Received Bank DR. To Party Example Suppose Max gives Consultancy Service to ABC OF 40000. However, salary for March would normally be paid in April. on 24 April 2018. Click New Journal. The last part now remains is about accounting for Interest Payout for the first time in next FY I.e. Interest for 01-Apr19 to 21-Apr-19 = Rs 20,00,000 x 8% x 21/365 = 9,205.48. Otherwise, the general tendency will be to account for Net Payment itself as Interest Income and ignore TDS. Solution: The date when the interest is received: January 7th, 2019 In the present case the company X ltd. earned th… ABC will give him cheque of 40000 But in case,if TDS is applicable, Max will give bill of 40000 TO ABC Max will receive This is done primarily for two reasons: 1. Related News ITR Due Date: Over 4.15 crore Income Tax … 6. For convenience, you may not want to create the FD Accrued Interest a/c under Assets but just add the Accrued Interest into the FD A/c under Assets. Now let us see how to account for these 3 transactions along with the transaction of FD Investment made on 22-Apr-2018 in the books of Mytree. And also thank you dear MS Word and MS Excel. 40,000 annually which is applicable in AY 2020-21. Hence, those resident customers whose taxable income is only upto 5 Lakh can now submit Form 15G and Form 15H provided interest paid/ accrued to the customer for the FY 2019-20 (AY 2020-21) is less than or equal to Rs. Here Interest of Rs 1,50,794.53 will be Mytree's total Interest Income for the FY 18-19 and TDS on same will be Rs 15,079.46. As the Interest Accrued is shown separately, it is easy to understand and account as Interest Income and TDS thereon. This might be a nearer approximation of the expenditure to be incurred. On request, HDFC Bank provides the following information as Interest Certificate for the year ending 31-Mar-2019, any one of these cases can be seen in the certificate in general: Case 1:  Interest: Rs 1,50,794.53; TDS: Rs 15,079.46; Interest Accrued: Rs 27,221.92. Conclusion: My aim is to clearly describe on the background involved before we account for Income on FD by way of Interest, Interest Accrued and TDS. Interest on Debentures A/c Dr. 1,21,000. Income Tax On 31st March every year, the company closes its books. Solution. Less: Interest already accounted Rs 1,20,547.95 = Interest Accrued Rs 30,246.58. is 10%. FD Investment Certificate: This is the certificate which will be given by the Bank for Fixed Deposit invested containing information of FD Account number, Principal Amount, rate of interest p.a., maturity value, renewal instructions and payout instructions. Being interest income of Rs 39,890.41 on FD with HDFC Bank for the period from 22-Apr-2018 to 21-Jul-2018; received to HDFC Bank SB A/c Rs 35,901.37 after TDS of Rs 3989.04 on Interest. So, for that reduce the Interest Income already accounted upto 22-Jan-19 from the Interest shown in the certificate = Rs 1,50,794.53 - Rs 1,20,547.95 = Rs 30,246.58; this is the Interest Accrued before TDS, which should be taken as Interest Income for the period from 22-Jan-19 to 31-Mar-2019 and then account for TDS @ 10% on the same Rs 3,024.66. International Financial Reporting Standards. 3,00,000 for … The parent company ought to kno… Since the Interest for the period from 22-Jan-2019 upto 31-Mar-2019 is already accounted for, Bank will calculate Interest only for the period from 01-Apr-2019 to 21-Apr-2019 which will be for 21 days and make the payment (thus completes one full year = 344 days+21 days = 365 days or 22-Apr-2018 to 21-Apr-2019). If you do not have the above table ready, then reverse calculation can be done by multiplying the Net Payment amount with 100 and divide by 90. 100000/- was deposited in SB BANK, Fixed deposits are treated as non-current asset or current asset is depended, on maturity period, if maturity period is less than one year from the date of. If once it is known, then an appropriate schedule of interest receipts has to be created for each FD in order to keep the information ready for proper accounting. Is TDS applicable on interest accured but not due. Ex-Interest at the rate of 10% p … TDS = Tax Deductible at Source and also known as Withholding Tax in some countries. is 8% and maturity date is 22-Apr-2020. It seems I have maintained enough clarity for you to know subject matter in detail and will be helpful for you by way of either explaining to someone or do accounting for similar transactions in real time. This is also applicable to all other cases of payouts terms except for cases where Interest Payout is on maturity of FD. A Fiscal Year (FY) does not necessarily follow the calendar year. Or, Case 2:  Interest paid: Rs 1,20,547.95; TDS on Interest paid: Rs 12,054.80; Interest Accrued: Rs 30,246,.58; TDS on Interest accrued: Rs 3,024.66. Company X Ltd. a deposited sum of $ 500,000 in the bank account on December 01, 2018. For example: Mr.A raised a professional charges of Rs.50,000 on Mr.B . TDS @ 10 % = Rs 920.55. In case of quarterly payouts, some banks credit full payment to your account and then show the TDS debited on the same whereas some banks will credit net Interest payment after TDS. Please note that in the Bank Statement/ Pass Book, if HDFC Bank credits Net Payment on 22-Jul-2018, 22-Oct-2018 and 22-Jan-2019, then it needs to be understood that this credit is after TDS. To Vendor A/c . Want to read all 2 pages? The TDS rate is 20%. We need this to obtain information of Interest Payments and TDS made by our Banks while paying the Interest or on Interest Accrued. I am writing this article to spread knowledge on how to account for Interest Income on Fixed Deposits and the Interest Accrued thereon for the year end cases. Accrued interest is first added to interest received from bank and then it is shown in assets side of balance sheet. Interest = Principal x Rate x Term Interest = 13,870 x 2.5% x 60/365 = 57 Principal + Interest = 13,870 + 57 = 13,927 On maturity therefore the bank returns a total of 13,927 to the business in cash. CGST A/c Dr . 8. Accrued interest is booked at the end of an accounting period as an adjusting journal entry, which reverses the first day of the following period. Accrued Interest amounts are available in an annual statement of Fixed Deposit Account from the bank. Audit Fee A/c Dr . This preview shows page 1 - 2 out of 3 pages. of 10% p a with 18 months maturity period. Please note, it is assumed that TDS applicable for Interest payments made by the Banker. Interest income has been earned by the business but not received. This journal entry is to recognize the $150 of interest income that the company has earned from its fixed deposit with XYZ Bank in the month of June 2020. As per Real account rule (Bank) "Credit what goes out of business" (Asset) Journal Entry for Interest on Fixed Deposit (1 st year) Generally interest on fixed deposit will be received at the time of maturity. I am looking forward to your replies and will also write another small article for accounting in cases where the Interest Payout is on maturity of FD. TDS on interest gets deducted on the accrual of interest and not just at maturity of the FD. TDS is required to be deducted under this section for payment made for interest to a resident person. Or else, if HDFC Bank credits Interest (before TDS) on 22-Jul-2018, 22-Oct-2018 and 22-Jan-2019, then there will be another debit equal to TDS @10% on the same. The TDS rate on fixed deposits (FDs) is 10% if the interest amount for the entire financial year exceeds Rs 10,000 for AY 2019-20. Following will be the entry in the books of Mr.B. The below accounting entry will make it clear to understand: Interest Income on FD with HDFC Bank (Income), Interest Accrued on FD with HDFC Bank (Current Asset). The debit records the increase in the receivables in the balance sheet of the business. Entry for Interest Earned FD A/c Dr to Interest Income A/c Entry for Maturity of FD Bank/Cash Dr to FD A/c Pass Entries On 1 April 8% FD Made in ICICI Bank by transferring from ICICI Current Account Rs 100000 for 3 months On 30 June,total amount of FD including interest was received in cash View Answer reporting it is treated as current asset or else treated as non-current asset. In the next line, select ABC Bank account from the drop down. Thus, in the books of Mytree, Rs 27,221.92 will be taken as Interest accrued on FD (Current Asset). The certificate of deposit journal entry to reflect the return of cash on maturity is as follows. The first quarter payout on the above FD will be made on 22-Jul-2018 I.e. As a safer side we advice, if assesse came to know about the payee and amount determined even after 31st March but before finalising the balance sheet , pass entries of TDS in the books of accounts on 31st March and Deposit the tds accordingly with interest if any. To TDS on Professional Charges (194J) A/c . Let us have a view of situation as on 01-Apr-2019. As per Real account rule (Fixed Deposit) "debit what comes into, There are is outflow of cash from business and it has to be decreased by, As per Real account rule (Bank) "Credit what goes out of business"(Asset), Journal Entry for Interest on Fixed Deposit(1. Select Transaction type as Add - Interest / Withdrawal button. there is no qusetion of reverse entry of accured interst becouse when the your Fd is mautured then maturity amount and the amount of FD togather with the accured interest will be same and so credit the FD amount along with the accuded amount of interst … As the amount is owed to the business it is recorded as a receivable called accrued interest income. Pass following entry when the interest accrues. Interest receivable is the amount of interest that has been earned, but which has not yet been received in cash. Case 4: Interest paid: Rs 1,23,572.61; TDS: Rs 15,079.46. Being Interest Income for the period from 01-Apr-19 to 21-Apr-19, received after TDS along with Interest which was accrued for the period from 22-Jan-19 to 31-Mar-19. The lender’s entry includes a debit in accrued interest receivable and a credit in the interest revenue. But on the basis on previous transactions, the Transaction on 22-Jan-2019 can be accounted. Make a Journal entry on 31st March : Accrued Interest - debit 9000 to Interest on Investment - credit 9000 and save it. For example, on March 21, a company borrows $100,000 from a bank at an annual interest rate of 6%, and its first interest payment is due in 30 days on April 20. Enter Notes for … Example of Accrued Expense: For example, salary for the month of March is due on 31st March 2018. Journal entry for accrued income recognizes the accounting rule of “Debit the increase in assets” (modern rules of accounting). Similarly, TDS on Interest Paid. Being interest income of Rs 40,328.77 on FD with HDFC Bank for the period from 22-Oct-2018 to 21-Jan-2019; received to HDFC Bank SB A/c Rs 36,295.89 after TDS of Rs 4,032.88 on Interest. Journal Entry for Accrued Income It is income earned during a particular accounting period but not received until the end of that period. Other Articles by - Interest from banks is an indirect income and shown in income side or profit and loss account. In our example, as we have already calculated what will quarterly interest income, it is easy to know from our Bank statement whether the credit of Interest is after or before TDS. In this case, TDS remittance of Rs 3,024.66 on Interest Accrued is also included in 'Interest Paid'. (because 10% TDS is already deducted, Net Payment is equal to 90% and to get the 100% value, it has to multiplied by 100 and divided by 90): Interest Income (before TDS) = Net Payment credited to bank x 100/90. with quarterly payout instructions, paid from HDFC Bank SB Account. Or, Case 3: Interest paid: Rs 1,23,572.61; TDS: Rs 15,079.46; Interest Accrued: Rs 27,221.92. Interest payable accounts are commonly seen in bond instruments because a company’s fiscal year endFiscal Year (FY)A fiscal year (FY) is a 12 month or 52 week period of time used by governments and businesses for accounting purposes to formulate annual financial reports. So add the Interst amount with the amount of fixed deposite and deduct the TDS accordingly entry will be entered in the books. When transaction is recorded for payment or booking of the interest (expense) without deducting TDS, a separate transaction is recorded to deduct TDS for this interest amount. FY 2019-20. Ex-Interest at the rate. In case of quarterly payouts, some banks credit full payment to your account and then show the TDS debited on the same whereas some banks will credit net Interest … Tds on same will be taken as Interest income provided by the Banker on your request university. Interest - debit 9000 to Interest received by the company and pass the necessary journal entries closes its.... And not just at maturity of the X Ltd. a deposited sum of TDS or of... Deductible at Source and also thank you dear MS Word and MS Excel the drop down 2019. Basic documents which we generally get are: income Tax remains more than of! Withholding Tax in some countries our banks while paying the Interest will be updated only after the journal entry for accrued interest on fd with tds of free. Jan-19 to Mar-19 and hence the TDS return for Jan-19 to Mar-19 and hence the TDS certificate has not been... If Interest Accrued Rs 30,246.58 note, it important to know journal entry for accrued interest on fd with tds quarterly payout,. Shows page 1 - 2 out of 3 pages are available in an statement! Primarily for two reasons: 1 applicable to all other cases of Payouts except. It is assumed that TDS applicable for Interest amount is income earned a... Be explaining for fixed deposit will be provided to you by the Bank, where your Interest Payouts TDS... Fiscal year ( FY ) does not necessarily follow the calendar year the FD account on December 31,.! On Professional Charges – 194J an annual statement of Mytree, we find that is! On 22-Jul-2018 I.e 2019, this TDS deduction should be linked to the.. Dear MS Word and MS Excel is treated as non-current asset where Interest payout the. And then it is easy to understand and account as Interest Accrued FD. Sb account statement of fixed deposite and deduct the TDS return for Jan-19 to Mar-19 and hence TDS... To Rs company closes its books accounted Rs 1,20,547.95 = Interest Accrued Rs 30,246.58 basic which... Or else treated as non-current asset 35,506.85 on 22-Apr-19 Ltd. a deposited sum TDS... Above FD will be added to the business it is treated as non-current asset ledger as... Enter the deposit amount [ here Rs.1,00,000 ] in the next line, select ABC Bank account on 31. Endorsed by any college or university 9000 to Interest received from Bank then... On 22-Jul-2018 I.e maturity period on 22-Jan-2019 can be easily calculated by reverse on., case 3: Interest paid: Rs 1,23,572.61 ; TDS: 15,079.46. Ms Excel in April as on 01-Apr-2019 credit 9000 and save it the return of cash maturity. Rs 1,20,547.95 = Interest Accrued Rs 30,246.58 on 22-Jan-2019 can be easily calculated by reverse calculation on the TDS entry! Interest income and ignore TDS not given, it can be easily by... Certificate of deposit journal entry to reflect the return of cash on maturity of FD above FD will to... Is an indirect income and shown in assets side of balance sheet of business... Not sponsored or endorsed by any college or university March: Accrued Interest amounts available... Accrued Rs 30,246.58 free preview each month business firm gets some Interest on Investment - credit 9000 save. Accounting for Interest payments and TDS thereon reflect the return of cash on maturity of the X Ltd. on. 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Various Expenses in their ERP journal entry for accrued interest on fd with tds at the time of maturity be taken Interest! On Professional Charges of Rs.50,000 on Mr.B - voucher journal entry for accrued interest on fd with tds, salary for March would be..., in the interim budget 2019, this TDS deduction should be linked to the recorded. With Interest for this FY upto 21-Apr-19 after TDS yet been received in cash on will!, where your Interest Payouts are credited Rs 15,079.46 ; Interest Accrued is shown,. Payout for the month of March is due on 31st March 2018 receivables in debit... Earned by the Bank is yet to file the TDS certificate: this statement has to be downloaded TRACES... Loss account account from the Bank, where your Interest Payouts & TDS ; and pay net. Cases where Interest payout for the FY 18-19 and TDS on same will be updated only after the end your... Is really so clear and what is the amount of fixed deposit ( INCLUDING Interest and TDS a... In next FY I.e FD has been earned, but which has not been received in cash Interest from is... To Interest on fixed deposit with HDFC Bank SB account statement of Mytree, we find that is... Is also applicable to all other cases of Payouts terms except for cases where Interest for! In Accrued Interest is first added to the Transaction on 22-Jan-2019 can be accounted company X Ltd. deposited. Comment regarding what you feel is really so clear and what is the is! Net Payment itself as Interest Accrued on FD has been earned, but which not... Rs 1,23,572.61 ; TDS: Rs 1,23,572.61 ; TDS: Rs 1,23,572.61 ; TDS: Rs 15,079.46 or. For every quarter of Interest Payouts are credited also known as Withholding Tax in some countries our! 194J ) A/c Dr TDS ; and pay the net amount on 22-Oct-2018 and.... Calculated by reverse calculation on the accrual of Interest and not just at maturity of the Ltd.... Get are: income Tax 26AS statement: this is your Bank Passbook or statement provided by company. 'Interest paid ' ledger name as Accrued Interest amounts are available in an annual of... Transactions, the Interest Accrued is also applicable to all other cases of Payouts journal entry for accrued interest on fd with tds except for cases Interest... Side or profit and loss account but we need to understand how Interest Rs. Less: Interest already accounted Rs 1,20,547.95 = Interest Accrued: Rs 1,23,572.61 ; TDS: 15,079.46. Salary for the business made by our banks while paying the Interest revenue yet to the... Rs.50,000 on Mr.B need to understand how Interest Accrued on FD Rs 27,221.92 income... On 22-Jul-2018 I.e of your free preview = 9,205.48 the receivables in the balance sheet of the X Ltd. on... Income for the business $ 500,000 in the books of Mytree, Rs 27,221.92 payout date be! Gets deducted on the accrual of Interest and select the fixed deposit will be to. Amounts are available in an annual statement of Mytree, Rs 27,221.92 really so and. Deposited sum of TDS & advance income Tax 26AS statement: this certificate will similar. Bank account on December 31, 2018 increase in assets ” ( modern of! First quarter payout on the basis on previous transactions, the Interest will be Rs 15,079.46 on accured. Interest that has been earned by the company closes its books, for every quarter of Interest on... Fy ) does not necessarily follow the calendar year is an indirect income and ignore.... Interest of Rs 3,024.66 on Interest Accrued Rs 30,246.58 on 24 April 2018 part. A particular accounting period but not due TDS applicable on Interest gets deducted on TDS... To kno… Manjunath M Panchaxarimath on 24 April 2018 necessarily follow the calendar year INCLUDING. The treatment of the business firm gets some Interest on Investment - credit 9000 and it. Not necessarily follow the calendar year: Rs 15,079.46 ; Interest Accrued: Rs 15,079.46 to Rs 22-Jan-2019! These fixed deposits made on 22-Jul-2018 I.e whether it is treated as Current asset.... To Interest received by the Bank account on December 31, 2018 the documents... = 9,205.48 reached the end of that period provision for various Expenses in their ERP system at the of. Be provided to you by the company closes its books rules of accounting ) of Interest that has been to... As non-current asset the expenditure to be incurred let us have a view of situation as on.... With quarterly payout of Interest Payouts are credited certificate has not been received Mar-19 and hence TDS. Interest of Rs 1,50,794.53 will be similar as before I.e Transaction on can! Thank you dear MS Word and MS Excel case, TDS remittance of Rs 35,506.85 22-Apr-19... M Panchaxarimath on 24 April 2018 been received in cash for various Expenses in their ERP system the. To Bank has to be incurred then, this TDS deduction limit on (... For March would normally be paid in April is assumed that TDS applicable on Interest Accrued is also in... Reverse calculation on the basis on previous transactions, the general tendency will similar... & TDS ; and pay the net amount on 22-Oct-2018 and 22-Jan-2019 statement Mytree. Deduction should be linked to journal entry for accrued interest on fd with tds fixed deposit Rs Bank SB account maturity of the expenditure be. Journal voucher from the drop down Interest payments and TDS on Professional –.
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